Since the start of trading on Tuesday, May 26, oil prices have soared by more than 2 percent on strong signs of a recovery in demand and a decrease in fears of overflowing storage facilities, according to ICE data.
July futures for Brent grade at 09:40 was worth 36.28 dollars per barrel, at a maximum it went up to 36.37 dollars. The WTI variety reached $ 34.48, at a maximum of $ 34.53.
In recent months, oil quotes rose higher only on May 21, after which they fell and recovered. This situation speaks of the formation of a stable trend for an increase in value.
Earlier, analysts of the NKR rating agency in the review “The Oil Market at the Crossroads” predicted that the recovery of the industry would drag on at least until 2025. They examined four scenarios for the possible development of events and found that at the best – and least likely – prices would rise only to $ 50-55 per barrel.
Instability in the market in the near future can bring oil traders who have accumulated record oil reserves in tankers and can now independently sharply increase demand. The United States can support the recovery, which was on the verge of a record collapse in production due to a sharp decline in existing drilling rigs.